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N / E / W / S R / E / L / E / A / S / E
    
October 22, 2025

FOR IMMEDIATE RELEASE
For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

FIRST MERCHANTS CORPORATION ANNOUNCES THIRD QUARTER 2025 EARNINGS PER SHARE

First Merchants Corporation (NASDAQ - FRME) (the "Corporation")

Third Quarter 2025 Highlights:

•Net income available to common stockholders was $56.3 million and diluted earnings per common share totaled $0.98 in the third quarter of 2025, compared to $48.7 million and $0.84 in the third quarter of 2024, and $56.4 million and $0.98 in the second quarter of 2025.
•Robust capital position with Common Equity Tier 1 Capital Ratio of 11.34% and Tangible Common Equity to Tangible Assets Ratio of 9.18%.
•Repurchased 939,271 shares totaling $36.5 million year-to-date; repurchased 162,474 shares totaling $6.5 million during the third quarter.
•Total loans grew $288.8 million, or 8.7% annualized, on a linked quarter basis, and $926.9 million, or 7.3%, during the last twelve months.
•Total deposits increased $72.4 million, or 2.0% annualized, on a linked quarter basis.
•Nonperforming assets to total assets were 36 basis points and flat compared to prior quarter.
•The efficiency ratio totaled 55.09% for the quarter or 54.56%1 excluding $0.9 million of non-core charges incurred during the quarter.
•Announced the acquisition of First Savings Financial Group, Inc. on September 25, 2025, adding approximately $2.4 billion in assets and expanding the Corporation's presence into Southern Indiana and the Louisville MSA.

"Our strong year-to-date balance sheet and earnings performance underscore the strength and resilience of our business model. Our return on assets, return on tangible capital, and efficiency ratio are in the top-quartile relative to our peers, reflecting disciplined execution and operational excellence," said Mark Hardwick, Chief Executive Officer. "The pending acquisition of First Savings Financial Group marks a strategic expansion into Southern Indiana and the Louisville metropolitan area, adding approximately $2.4 billion in assets and enhancing our ability to serve Indiana, Ohio, and Michigan while delivering sustainable long-term growth."

Third Quarter Financial Results:

First Merchants Corporation (the “Corporation") reported third quarter 2025 net income available to common stockholders of $56.3 million compared to $48.7 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.98 compared to $0.84 in the third quarter of 2024. Adjusted diluted earnings per common share1 for the third quarter 2025 totaled $0.99, up from $0.95 in the prior year period. Third quarter 2025 results included $0.9 million in pre-tax acquisition-related and other non-core expenses, while the third quarter 2024 included a $9.1 million pre-tax loss related to the repositioning of the available-for-sale securities portfolio.

On September 25, 2025, the Corporation signed a definitive agreement to acquire First Savings Financial Group, Inc., (“First Savings”), in an all-stock transaction that was valued at approximately $241.3 million on the day of announcement. Headquartered in Jeffersonville, Indiana, First Savings operates 16 banking center locations in southern Indiana. First Savings had total assets of $2.4 billion, total loans of $1.9 billion, and total deposits of $1.7 billion as of June 30, 2025. The transaction is expected to close in the first quarter of 2026.





Total assets of the Corporation equaled $18.8 billion as of quarter-end and loans totaled $13.6 billion. During the past twelve months, total loans grew by $926.9 million, or 7.3%. On a linked quarter basis, loans grew $288.8 million, or 8.7% annualized, with growth primarily in Commercial & Industrial loans.

Investments, totaling $3.4 billion, decreased $279.8 million, or 7.6%, during the last twelve months and increased $1.4 million on a linked quarter basis. The modest increase during the quarter was due to an increase in the securities portfolio valuation offset by principal paydowns and maturities.

Total deposits equaled $14.9 billion as of quarter-end and increased by $504.9 million, or 3.5%, over the past twelve months. On a linked quarter basis, deposits increased $72.4 million, or 2.0% annualized. The loan to deposit ratio increased to 91.6% at period end from 90.1% in the prior quarter.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $194.5 million as of quarter-end, or 1.43% of total loans, a decrease of $0.8 million from prior quarter. Net charge-offs totaled $5.1 million and provision for credit losses of $4.3 million was recorded during the quarter. Reserves for unfunded commitments totaled $18.0 million and remained unchanged from the prior quarter. Non-performing assets to total assets were 0.36% for the third quarter of 2025, consistent with the prior quarter, reflecting continued strong credit performance.

Net interest income, totaling $133.7 million for the quarter, increased $0.7 million, or 0.5%, compared to prior quarter and increased $2.6 million, or 1.9%, compared to the third quarter of 2024. Fully tax equivalent net interest margin was 3.24%, a decrease of one basis point compared to prior quarter, and an increase of one basis point compared to the third quarter of 2024.

Noninterest income totaled $32.5 million for the quarter, an increase of $1.2 million, or 3.8%, compared to the second quarter of 2025 and an increase of $7.6 million, or 30.6%, from the third quarter of 2024. The increase over second quarter of 2025 was driven primarily by the recording of a $0.9 million negative valuation adjustment to a CRA investment in the second quarter. Customer related fees were stable on a linked quarter basis. The increase from the third quarter of 2024 was driven by realized losses of $9.1 million on sales of available for sale securities recorded in the third quarter of the prior year.

Noninterest expense totaled $96.6 million for the quarter, an increase of $3.0 million from the second quarter of 2025 and an increase of $1.9 million from the third quarter of 2024. The linked quarter increase was driven by higher salaries and incentives and $0.6 million of severance.

The Corporation’s total risk-based capital ratio equaled 13.04%, common equity tier 1 capital ratio equaled 11.34%, and the tangible common equity ratio totaled 9.18%. These ratios continue to reflect the Corporation’s robust capital position.


1 See “Non-GAAP Financial Information” for reconciliation







CONFERENCE CALL

First Merchants Corporation will conduct a third quarter earnings conference call and webcast at 9:00 a.m. (ET) on Thursday, October 23, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BIf471933f076b43ed86fc41e507892de6)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/b8bccx5o) during the time of the call. A replay of the webcast will be available until October 23, 2026.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These forward- looking statements include, but are not limited to, statements relating to the expected timing and benefits of the proposed merger between First Merchants and First Savings, including future financial and operating results, cost savings, enhanced revenues, and accretion/dilution to reported earnings that may be realized from the proposed merger, as well as other statements of expectations regarding the proposed merger, and other statements of First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits, whether with respect to the proposed merger or otherwise. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: the risk that the businesses of First Merchants and First Savings will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the proposed merger may not be fully realized or realized within the expected time frame; revenues following the proposed merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the proposed merger; the ability to obtain required regulatory approvals or the approval of First Savings’ common shareholders, and the ability to complete the proposed merger on the expected timeframe; possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit-worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large uninsured deposits), credit and interest rate risks associated with First Merchants’ business; the impacts of epidemics, pandemics or other infectious disease outbreaks; and other risks and factors identified in each of First Merchants’ filings with the SEC. Neither First Merchants nor First Savings undertakes any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release. In addition, the companies’ respective past results of operations do not necessarily indicate their anticipated future results, whether or not the proposed merger is completed.
* * * *






CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)September 30,
20252024
ASSETS
Cash and due from banks$88,079 $84,719 
Interest-bearing deposits168,706 359,126 
Investment securities available for sale1,386,903 1,553,496 
Investment securities held to maturity, net of allowance for credit losses1,995,488 2,108,649 
Loans held for sale23,190 40,652 
Loans13,591,174 12,646,808 
Less: Allowance for credit losses - loans(194,468)(187,828)
Net loans13,396,706 12,458,980 
Premises and equipment121,771 129,582 
Federal Home Loan Bank stock47,264 41,716 
Interest receivable89,102 92,055 
Goodwill712,002 712,002 
Other intangibles15,298 21,599 
Cash surrender value of life insurance306,583 304,613 
Other real estate owned1,270 5,247 
Tax asset, deferred and receivable89,758 86,732 
Other assets369,509 348,384 
TOTAL ASSETS$18,811,629 $18,347,552 
LIABILITIES
Deposits:
Noninterest-bearing$2,100,570 $2,334,197 
Interest-bearing12,769,409 12,030,903 
Total Deposits14,869,979 14,365,100 
Borrowings:
Federal funds purchased199,370 30,000 
Securities sold under repurchase agreements122,226 124,894 
Federal Home Loan Bank advances798,626 832,629 
Subordinated debentures and other borrowings57,632 93,562 
Total Borrowings1,177,854 1,081,085 
Deposits and other liabilities held for sale— 288,476 
Interest payable18,240 18,089 
Other liabilities333,154 292,429 
Total Liabilities16,399,227 16,045,179 
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares125 125 
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares25,000 25,000 
Common Stock, $0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding - 57,192,497 and 58,117,115 shares7,149 7,265 
Additional paid-in capital1,158,026 1,192,683 
Retained earnings1,377,966 1,229,125 
Accumulated other comprehensive loss(155,864)(151,825)
Total Stockholders' Equity2,412,402 2,302,373 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,811,629 $18,347,552 








CONSOLIDATED STATEMENTS OF INCOME (Unaudited)Three Months EndedNine Months Ended
(Dollars In Thousands, Except Per Share Amounts)September 30,September 30,
2025202420252024
INTEREST INCOME
Loans:
Taxable$200,406 $206,680 $583,307 $606,116 
Tax-exempt11,173 8,622 32,510 25,242 
Investment securities:
Taxable8,288 9,263 24,926 27,062 
Tax-exempt12,460 13,509 37,493 40,733 
Deposits with financial institutions1,676 2,154 5,940 11,642 
Federal Home Loan Bank stock1,092 855 3,172 2,569 
Total Interest Income235,095 241,083 687,348 713,364 
INTEREST EXPENSE
Deposits90,821 98,856 255,609 296,292 
Federal funds purchased224 329 2,001 455 
Securities sold under repurchase agreements654 700 2,059 2,377 
Federal Home Loan Bank advances8,638 8,544 27,716 21,715 
Subordinated debentures and other borrowings1,093 1,544 3,014 5,781 
Total Interest Expense101,430 109,973 290,399 326,620 
NET INTEREST INCOME133,665 131,110 396,949 386,744 
Provision for credit losses4,300 5,000 14,100 31,500 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES129,365 126,110 382,849 355,244 
NONINTEREST INCOME
Service charges on deposit accounts8,921 8,361 25,559 24,482 
Fiduciary and wealth management fees8,842 8,525 26,317 25,550 
Card payment fees5,007 5,121 14,465 14,360 
Net gains and fees on sales of loans4,983 6,764 15,854 15,159 
Derivative hedge fees1,097 736 2,332 1,488 
Other customer fees414 344 1,230 1,231 
Earnings on bank-owned life insurance1,667 2,755 5,759 6,276 
Net realized losses on sales of available for sale securities— (9,114)(8)(9,165)
Other income1,546 1,374 2,320 3,457 
Total Noninterest Income32,477 24,866 93,828 82,838 
NONINTEREST EXPENSES
Salaries and employee benefits57,317 55,223 166,826 165,730 
Net occupancy7,057 6,994 21,118 21,052 
Equipment6,998 6,949 20,933 19,774 
Marketing2,120 1,836 5,470 4,807 
Outside data processing fees6,943 7,150 19,979 21,111 
Printing and office supplies311 378 930 1,085 
Intangible asset amortization1,499 1,772 4,530 5,500 
FDIC assessments3,526 3,720 10,726 11,285 
Other real estate owned and foreclosure expenses121 942 750 1,849 
Professional and other outside services3,718 3,035 10,720 10,809 
Other expenses6,951 6,630 21,079 19,975 
Total Noninterest Expenses96,561 94,629 283,061 282,977 
INCOME BEFORE INCOME TAX65,281 56,347 193,616 155,105 
Income tax expense8,516 7,160 24,680 18,052 
NET INCOME56,765 49,187 168,936 137,053 
Preferred stock dividends468 468 1,406 1,406 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$56,297 $48,719 $167,530 $135,647 
PER SHARE DATA:
Basic Net Income Available to Common Stockholders$0.98 $0.84 $2.91 $2.32 
Diluted Net Income Available to Common Stockholders$0.98 $0.84 $2.90 $2.31 
Cash Dividends Paid to Common Stockholders$0.36 $0.35 $1.07 $1.04 
Tangible Common Book Value Per Share$29.08 $26.64 $29.08 $26.64 
Average Diluted Common Shares Outstanding (in thousands)57,448 58,289 57,817 58,629 





FINANCIAL HIGHLIGHTS
(Dollars In Thousands)Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
NET CHARGE-OFFS$5,148 $6,709 $12,389 $48,606 
AVERAGE BALANCES:
Total Assets$18,637,581 $18,360,580 $18,497,118 $18,374,370 
Total Loans13,402,379 12,680,166 13,186,843 12,592,907 
Total Earning Assets17,282,901 16,990,358 17,135,301 17,042,540 
Total Deposits14,907,861 14,702,454 14,654,894 14,826,056 
Total Stockholders' Equity2,367,971 2,251,547 2,349,718 2,232,419 
FINANCIAL RATIOS:
Return on Average Assets1.22 %1.07 %1.22 %0.99 %
Return on Average Stockholders' Equity9.51 8.66 9.51 8.10 
Return on Tangible Common Stockholders' Equity14.21 13.39 14.27 12.64 
Average Earning Assets to Average Assets92.73 92.54 92.64 92.75 
Allowance for Credit Losses - Loans as % of Total Loans1.43 1.48 1.43 1.48 
Net Charge-offs as % of Average Loans (Annualized)0.15 0.21 0.13 0.51 
Average Stockholders' Equity to Average Assets12.71 12.26 12.70 12.15 
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets5.58 5.82 5.49 5.72 
Interest Expense/Average Earning Assets2.34 2.59 2.26 2.56 
Net Interest Margin FTE3.24 3.23 3.23 3.16 
Efficiency Ratio55.09 53.76 54.54 55.54 

ASSET QUALITY
(Dollars In Thousands)September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Nonaccrual Loans$65,740 $67,358 $81,922 $73,773 $59,088 
Other Real Estate Owned and Repossessions1,270 177 4,966 4,948 5,247 
Nonperforming Assets (NPA)67,010 67,535 86,888 78,721 64,335 
90+ Days Delinquent1,925 4,443 4,280 5,902 14,105 
NPAs & 90+ Days Delinquent$68,935 $71,978 $91,168 $84,623 $78,440 
Allowance for Credit Losses - Loans$194,468 $195,316 $192,031 $192,757 $187,828 
Quarterly Net Charge-offs5,148 2,315 4,926 771 6,709 
NPAs / Actual Assets %0.36 %0.36 %0.47 %0.43 %0.35 %
NPAs & 90 Day / Actual Assets %0.37 %0.39 %0.49 %0.46 %0.43 %
NPAs / Actual Loans and OREO %0.49 %0.51 %0.67 %0.61 %0.51 %
Allowance for Credit Losses - Loans / Actual Loans (%)1.43 %1.47 %1.47 %1.50 %1.48 %
Quarterly Net Charge-offs as % of Average Loans (Annualized)0.15 %0.07 %0.15 %0.02 %0.21 %





CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)September 30,June 30,March 31,December 31,September 30,
20252025202520242024
ASSETS
Cash and due from banks$88,079 $81,567 $86,113 $87,616 $84,719 
Interest-bearing deposits168,706 223,343 331,534 298,891 359,126 
Investment securities available for sale1,386,903 1,358,130 1,378,489 1,386,475 1,553,496 
Investment securities held to maturity, net of allowance for credit losses1,995,488 2,022,826 2,048,632 2,074,220 2,108,649 
Loans held for sale23,190 28,783 23,004 18,663 40,652 
Loans13,591,174 13,296,759 13,004,905 12,854,359 12,646,808 
Less: Allowance for credit losses - loans(194,468)(195,316)(192,031)(192,757)(187,828)
Net loans13,396,706 13,101,443 12,812,874 12,661,602 12,458,980 
Premises and equipment121,771 122,808 128,749 129,743 129,582 
Federal Home Loan Bank stock47,264 47,290 45,006 41,690 41,716 
Interest receivable89,102 93,258 88,352 91,829 92,055 
Goodwill712,002 712,002 712,002 712,002 712,002 
Other intangibles15,298 16,797 18,302 19,828 21,599 
Cash surrender value of life insurance306,583 305,695 304,918 304,906 304,613 
Other real estate owned1,270 177 4,966 4,948 5,247 
Tax asset, deferred and receivable89,758 97,749 87,665 92,387 86,732 
Other assets369,509 380,909 369,181 387,169 348,384 
TOTAL ASSETS$18,811,629 $18,592,777 $18,439,787 $18,311,969 $18,347,552 
LIABILITIES
Deposits:
Noninterest-bearing$2,100,570 $2,197,416 $2,185,057 $2,325,579 $2,334,197 
Interest-bearing12,769,409 12,600,162 12,276,921 12,196,047 12,030,903 
Total Deposits14,869,979 14,797,578 14,461,978 14,521,626 14,365,100 
Borrowings:
Federal funds purchased199,370 85,000 185,000 99,226 30,000 
Securities sold under repurchase agreements122,226 114,758 122,947 142,876 124,894 
Federal Home Loan Bank advances798,626 898,702 972,478 822,554 832,629 
Subordinated debentures and other borrowings57,632 62,617 62,619 93,529 93,562 
Total Borrowings1,177,854 1,161,077 1,343,044 1,158,185 1,081,085 
Deposits and other liabilities held for sale— — — — 288,476 
Interest payable18,240 16,174 13,304 16,102 18,089 
Other liabilities333,154 269,996 289,247 311,073 292,429 
Total Liabilities16,399,227 16,244,825 16,107,573 16,006,986 16,045,179 
STOCKHOLDERS' EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized -- 600 cumulative shares
Issued and outstanding - 125 cumulative shares125 125 125 125 125 
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized -- 10,000 non-cumulative perpetual shares
Issued and outstanding - 10,000 non-cumulative perpetual shares25,000 25,000 25,000 25,000 25,000 
Common Stock, $0.125 stated value:
Authorized -- 100,000,000 shares
Issued and outstanding7,149 7,159 7,226 7,247 7,265 
Additional paid-in capital1,158,026 1,163,170 1,183,263 1,188,768 1,192,683 
Retained earnings1,377,966 1,342,473 1,306,911 1,272,528 1,229,125 
Accumulated other comprehensive loss(155,864)(189,975)(190,311)(188,685)(151,825)
Total Stockholders' Equity2,412,402 2,347,952 2,332,214 2,304,983 2,302,373 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,811,629 $18,592,777 $18,439,787 $18,311,969 $18,347,552 









CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars In Thousands, Except Per Share Amounts)September 30,June 30,March 31,December 31,September 30,
20252025202520242024
INTEREST INCOME
Loans:
Taxable$200,406 $195,173 $187,728 $197,536 $206,680 
Tax-exempt11,173 10,805 10,532 9,020 8,622 
Investment securities:
Taxable8,288 8,266 8,372 9,024 9,263 
Tax-exempt12,460 12,516 12,517 12,754 13,509 
Deposits with financial institutions1,676 1,892 2,372 5,350 2,154 
Federal Home Loan Bank stock1,092 1,083 997 958 855 
Total Interest Income235,095 229,735 222,518 234,642 241,083 
INTEREST EXPENSE
Deposits90,821 84,241 80,547 89,835 98,856 
Federal funds purchased224 965 812 26 329 
Securities sold under repurchase agreements654 663 742 680 700 
Federal Home Loan Bank advances8,638 9,714 9,364 8,171 8,544 
Subordinated debentures and other borrowings1,093 1,138 783 1,560 1,544 
Total Interest Expense101,430 96,721 92,248 100,272 109,973 
NET INTEREST INCOME133,665 133,014 130,270 134,370 131,110 
Provision for credit losses4,300 5,600 4,200 4,200 5,000 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES129,365 127,414 126,070 130,170 126,110 
NONINTEREST INCOME
Service charges on deposit accounts8,921 8,566 8,072 8,124 8,361 
Fiduciary and wealth management fees8,842 8,831 8,644 8,665 8,525 
Card payment fees5,007 4,932 4,526 4,957 5,121 
Net gains and fees on sales of loans4,983 5,849 5,022 5,681 6,764 
Derivative hedge fees1,097 831 404 1,594 736 
Other customer fees414 401 415 316 344 
Earnings on bank-owned life insurance1,667 1,913 2,179 2,188 2,755 
Net realized losses on sales of available for sale securities— (1)(7)(11,592)(9,114)
Gain on branch sale— — — 19,983 — 
Other income (loss)1,546 (19)793 2,826 1,374 
Total Noninterest Income32,477 31,303 30,048 42,742 24,866 
NONINTEREST EXPENSES
Salaries and employee benefits57,317 54,527 54,982 55,437 55,223 
Net occupancy7,057 6,845 7,216 7,335 6,994 
Equipment6,998 6,927 7,008 7,028 6,949 
Marketing2,120 1,997 1,353 2,582 1,836 
Outside data processing fees6,943 7,107 5,929 6,029 7,150 
Printing and office supplies311 272 347 377 378 
Intangible asset amortization1,499 1,505 1,526 1,771 1,772 
FDIC assessments3,526 3,552 3,648 3,744 3,720 
Other real estate owned and foreclosure expenses121 29 600 227 942 
Professional and other outside services3,718 3,741 3,261 3,777 3,035 
Other expenses6,951 7,096 7,032 7,982 6,630 
Total Noninterest Expenses96,561 93,598 92,902 96,289 94,629 
INCOME BEFORE INCOME TAX65,281 65,119 63,216 76,623 56,347 
Income tax expense8,516 8,287 7,877 12,274 7,160 
NET INCOME56,765 56,832 55,339 64,349 49,187 
Preferred stock dividends468 469 469 469 468 
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$56,297 $56,363 $54,870 $63,880 $48,719 
PER SHARE DATA:
Basic Net Income Available to Common Stockholders$0.98 $0.98 $0.95 $1.10 $0.84 
Diluted Net Income Available to Common Stockholders$0.98 $0.98 $0.94 $1.10 $0.84 
Cash Dividends Paid to Common Stockholders$0.36 $0.36 $0.35 $0.35 $0.35 
Tangible Common Book Value Per Share$29.08 $27.90 $27.34 $26.78 $26.64 
Average Diluted Common Shares Outstanding (in thousands)57,448 57,773 58,242 58,247 58,289 
FINANCIAL RATIOS:
Return on Average Assets1.22 %1.23 %1.21 %1.39 %1.07 %
Return on Average Stockholders' Equity9.51 9.63 9.38 11.05 8.66 
Return on Tangible Common Stockholders' Equity14.21 14.49 14.12 16.75 13.39 
Average Earning Assets to Average Assets92.73 92.71 92.47 92.48 92.54 
Allowance for Credit Losses - Loans as % of Total Loans1.43 1.47 1.47 1.50 1.48 
Net Charge-offs as % of Average Loans (Annualized)0.15 0.07 0.15 0.02 0.21 
Average Stockholders' Equity to Average Assets12.71 12.64 12.76 12.51 12.26 
Fully Taxable Equivalent (FTE) Yield on Average Earning Assets5.58 5.50 5.39 5.63 5.82 
Interest Expense/Average Earning Assets2.34 2.25 2.17 2.35 2.59 
Net Interest Margin FTE3.24 3.25 3.22 3.28 3.23 
Efficiency Ratio55.09 53.99 54.54 48.48 53.76 





LOANS
(Dollars In Thousands)September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Commercial and industrial loans$4,604,895 $4,440,924 $4,306,597 $4,114,292 $4,041,217 
Agricultural land, production and other loans to farmers275,817 265,172 243,864 256,312 238,743 
Real estate loans:
Construction789,021 836,033 793,175 792,144 814,704 
Commercial real estate, non-owner occupied2,304,889 2,171,092 2,177,869 2,274,016 2,251,351 
Commercial real estate, owner occupied1,232,117 1,226,797 1,214,739 1,157,944 1,152,751 
Residential2,412,783 2,397,094 2,389,852 2,374,729 2,366,943 
Home equity687,021 673,961 650,499 659,811 641,188 
Individuals' loans for household and other personal expenditures138,703 141,045 140,954 166,028 158,480 
Public finance and other commercial loans1,145,928 1,144,641 1,087,356 1,059,083 981,431 
Loans13,591,174 13,296,759 13,004,905 12,854,359 12,646,808 
Allowance for credit losses - loans(194,468)(195,316)(192,031)(192,757)(187,828)
NET LOANS$13,396,706 $13,101,443 $12,812,874 $12,661,602 $12,458,980 

DEPOSITS
(Dollars In Thousands)September 30,June 30,March 31,December 31,September 30,
20252025202520242024
Demand deposits$7,645,698 $7,798,695 $7,786,554 $7,980,061 $7,678,510 
Savings deposits5,164,707 4,984,659 4,791,874 4,522,758 4,302,236 
Certificates and other time deposits of $100,000 or less627,828 617,857 625,203 692,068 802,949 
Certificates and other time deposits of $100,000 or more910,337 891,139 896,143 1,043,068 1,277,833 
Brokered certificates of deposits1
521,409 505,228 362,204 283,671 303,572 
TOTAL DEPOSITS$14,869,979 $14,797,578 $14,461,978 $14,521,626 $14,365,100 

1 - Total brokered deposits of $1.3 billion, which includes brokered CD's of $521.4 million at September 30, 2025.








CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
Three Months Ended
September 30, 2025September 30, 2024
Average BalanceInterest
 Income /
Expense		Average
Rate		Average BalanceInterest
 Income /
Expense		Average
Rate
ASSETS
Interest-bearing deposits$229,271 $1,676 2.92 %$252,113 $2,154 3.42 %
Federal Home Loan Bank stock47,278 1,092 9.24 41,730 855 8.20 
Investment Securities: (1)
Taxable1,567,594 8,288 2.11 1,789,526 9,263 2.07 
Tax-exempt (2)
2,036,379 15,772 3.10 2,226,823 17,100 3.07 
Total Investment Securities3,603,973 24,060 2.67 4,016,349 26,363 2.63 
Loans held for sale26,165 401 6.13 31,991 483 6.04 
Loans: (3)
Commercial9,165,241 158,469 6.92 8,699,733 164,922 7.58 
Real estate mortgage2,217,524 25,676 4.63 2,183,095 24,333 4.46 
HELOC and installment851,239 15,860 7.45 832,222 16,942 8.14 
Tax-exempt (2)
1,142,210 14,070 4.93 933,125 10,914 4.68 
Total Loans13,402,379 214,476 6.40 12,680,166 217,594 6.86 
Total Earning Assets17,282,901 241,304 5.58 %16,990,358 246,966 5.82 %
Total Non-Earning Assets1,354,680 1,370,222 
TOTAL ASSETS$18,637,581 $18,360,580 
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits$5,600,373 $37,463 2.68 %$5,455,298 $40,450 2.97 %
Money market deposits3,843,537 31,709 3.30 2,974,188 25,950 3.49 
Savings deposits1,269,539 2,605 0.82 1,425,047 4,208 1.18 
Certificates and other time deposits2,036,704 19,044 3.74 2,499,655 28,248 4.52 
Total Interest-Bearing Deposits12,750,153 90,821 2.85 12,354,188 98,856 3.20 
Borrowings1,072,145 10,609 3.96 1,071,440 11,117 4.15 
Total Interest-Bearing Liabilities13,822,298 101,430 2.94 13,425,628 109,973 3.28 
Noninterest-bearing deposits2,157,708 2,348,266 
Other liabilities289,604 335,139 
Total Liabilities16,269,610 16,109,033 
STOCKHOLDERS' EQUITY2,367,971 2,251,547 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,637,581 $18,360,580 
Net Interest Income (FTE)$139,874 $136,993 
Net Interest Spread (FTE) (4)
2.64 %2.54 %
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets5.58 %5.82 %
Interest Expense / Average Earning Assets2.34 %2.59 %
Net Interest Margin (FTE) (5)
3.24 %3.23 %
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2025 and 2024. These totals equal $6,209 and $5,883 for the three months ended September 30, 2025 and 2024, respectively.
(3) Non accruing loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.






CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
Nine Months Ended
September 30, 2025September 30, 2024
Average BalanceInterest
 Income /
Expense		Average
Rate		Average BalanceInterest
 Income /
Expense		Average
Rate
ASSETS
Interest-bearing deposits$258,396 $5,940 3.07 %$383,007 $11,642 4.05 %
Federal Home Loan Bank stock45,964 3,172 9.20 41,748 2,569 8.20 
Investment Securities: (1)
Taxable1,602,343 24,926 2.07 1,787,119 27,062 2.02 
Tax-exempt (2)
2,041,755 47,459 3.10 2,237,759 51,561 3.07 
Total Investment Securities3,644,098 72,385 2.65 4,024,878 78,623 2.60 
Loans held for sale24,175 1,109 6.12 27,735 1,242 5.97 
Loans: (3)
Commercial8,982,171 460,349 6.83 8,659,088 484,979 7.47 
Real estate mortgage2,203,263 75,184 4.55 2,159,738 70,489 4.35 
HELOC and installment838,420 46,665 7.42 825,060 49,406 7.98 
Tax-exempt (2)
1,138,814 41,079 4.81 921,286 31,952 4.62 
Total Loans13,186,843 624,386 6.31 12,592,907 638,068 6.76 
Total Earning Assets17,135,301 705,883 5.49 %17,042,540 730,902 5.72 %
Total Non-Earning Assets1,361,817 1,331,830 
TOTAL ASSETS$18,497,118 $18,374,370 
LIABILITIES
Interest-Bearing deposits:
Interest-bearing deposits$5,556,274 $107,372 2.58 %$5,487,106 $120,935 2.94 %
Money market deposits3,633,314 86,375 3.17 3,018,526 80,563 3.56 
Savings deposits1,283,856 7,563 0.79 1,497,620 11,485 1.02 
Certificates and other time deposits1,996,406 54,299 3.63 2,447,684 83,309 4.54 
Total Interest-Bearing Deposits12,469,850 255,609 2.73 12,450,936 296,292 3.17 
Borrowings1,194,498 34,790 3.88 990,022 30,328 4.08 
Total Interest-Bearing Liabilities13,664,348 290,399 2.83 13,440,958 326,620 3.24 
Noninterest-bearing deposits2,185,044 2,375,120 
Other liabilities298,008 325,873 
Total Liabilities16,147,400 16,141,951 
STOCKHOLDERS' EQUITY2,349,718 2,232,419 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$18,497,118 $18,374,370 
Net Interest Income (FTE)$415,484 $404,282 
Net Interest Spread (FTE) (4)
2.66 %2.48 %
Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets5.49 %5.72 %
Interest Expense / Average Earning Assets2.26 %2.56 %
Net Interest Margin (FTE) (5)
3.23 %3.16 %
(1) Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
(2) Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2025 and 2024. These totals equal $18,535 and $17,538 for the nine months ended September 30, 2025 and 2024, respectively.
(3) Non accruing loans have been included in the average balances.
(4) Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
(5) Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.










ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE - NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2025202520252024202420252024
Net Income Available to Common Stockholders - GAAP$56,297 $56,363 $54,870 $63,880 $48,719 $167,530 $135,647 
Adjustments:
Net realized losses on sales of available for sale securities— 1 7 11,592 9,114 8 9,165 
Gain on branch sale— — — (19,983)— — — 
Acquisition-related expenses276 — — — — 276 — 
Non-core expenses1,2,3
633 — — 762 — 633 3,481 
Tax on adjustments(220)— (2)1,851 (2,220)(222)(3,081)
Adjusted Net Income Available to Common Stockholders - Non-GAAP$56,986 $56,364 $54,875 $58,102 $55,613 $168,225 $145,212 
Average Diluted Common Shares Outstanding (in thousands)57,448 57,773 58,242 58,247 58,289 57,817 58,629 
Diluted Earnings Per Common Share - GAAP$0.98 $0.98 $0.94 $1.10 $0.84 $2.90 $2.31 
Adjustments:
Net realized losses on sales of available for sale securities— — — 0.20 0.15 — 0.16 
Gain on branch sale— — — (0.34)— — — 
Acquisition-related expenses— — — — — — — 
Non-core expenses1,2,3
0.01 — — 0.01 — 0.01 0.06 
Tax on adjustments— — — 0.03 (0.04)— (0.05)
Adjusted Diluted Earnings Per Common Share - Non-GAAP$0.99 $0.98 $0.94 $1.00 $0.95 $2.91 $2.48 
1 - Non-core expenses in the Three and Nine Months Ended September 30, 2025 included $0.6 million of severance costs.
2 - Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.
3 - Non-core expenses in the Nine Months Ended September 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.



NET INTEREST MARGIN ("NIM"), ADJUSTED
(Dollars in Thousands)
Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2025202520252024202420252024
Net Interest Income (GAAP)$133,665 $133,014 $130,270 $134,370 $131,110 $396,949 $386,744 
Fully Taxable Equivalent ("FTE") Adjustment6,209 6,199 6,127 5,788 5,883 18,535 17,538 
Net Interest Income (FTE) (non-GAAP)$139,874 $139,213 $136,397 $140,158 $136,993 $415,484 $404,282 
Average Earning Assets (GAAP)$17,282,901 $17,158,984 $16,960,475 $17,089,198 $16,990,358 $17,135,301 $17,042,540 
Net Interest Margin (GAAP)3.09 %3.10 %3.07 %3.15 %3.09 %3.09 %3.03 %
FTE Adjustment0.15 %0.15 %0.15 %0.13 %0.14 %0.14 %0.13 %
Net Interest Margin (FTE) (non-GAAP)3.24 %3.25 %3.22 %3.28 %3.23 %3.23 %3.16 %




RETURN ON TANGIBLE COMMON EQUITY - NON-GAAP
(Dollars In Thousands)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2025202520252024202420252024
Total Average Stockholders' Equity (GAAP)$2,367,971 $2,340,010 $2,340,874 $2,312,270 $2,251,547 $2,349,718 $2,232,419 
Less: Average Preferred Stock(25,125)(25,125)(25,125)(25,125)(25,125)(25,125)(25,125)
Less: Average Intangible Assets, Net of Tax(724,619)(725,813)(726,917)(728,218)(729,581)(725,775)(730,993)
Average Tangible Common Equity, Net of Tax (Non-GAAP)$1,618,227 $1,589,072 $1,588,832 $1,558,927 $1,496,841 $1,598,818 $1,476,301 
Net Income Available to Common Stockholders (GAAP)$56,297 $56,363 $54,870 $63,880 $48,719 $167,530 $135,647 
Plus: Intangible Asset Amortization, Net of Tax1,185 1,188 1,206 1,399 1,399 3,579 4,345 
Tangible Net Income (Non-GAAP)$57,482 $57,551 $56,076 $65,279 $50,118 $171,109 $139,992 
Return on Tangible Common Equity (Non-GAAP)14.21 %14.49 %14.12 %16.75 %13.39 %14.27 %12.64 %



EFFICIENCY RATIO - NON-GAAP
(Dollars In Thousands)Three Months EndedNine Months Ended
September 30,June 30,March 31,December 31,September 30,September 30,September 30,
2025202520252024202420252024
Noninterest Expense (GAAP)$96,561 $93,598 $92,902 $96,289 $94,629 $283,061 $282,977 
Less: Intangible Asset Amortization(1,499)(1,505)(1,526)(1,771)(1,772)(4,530)(5,500)
Less: OREO and Foreclosure Expenses(121)(29)(600)(227)(942)(750)(1,849)
Adjusted Noninterest Expense (Non-GAAP)$94,941 $92,064 $90,776 $94,291 $91,915 $277,781 $275,628 
Net Interest Income (GAAP)$133,665 $133,014 $130,270 $134,370 $131,110 $396,949 $386,744 
Plus: Fully Taxable Equivalent Adjustment6,209 6,199 6,127 5,788 5,883 18,535 17,538 
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)$139,874 $139,213 $136,397 $140,158 $136,993 $415,484 $404,282 
Noninterest Income (GAAP)$32,477 $31,303 $30,048 $42,742 $24,866 $93,828 $82,838 
Less: Investment Securities (Gains) Losses— 1 7 11,592 9,114 8 9,165 
Adjusted Noninterest Income (Non-GAAP)$32,477 $31,304 $30,055 $54,334 $33,980 $93,836 $92,003 
Adjusted Revenue (Non-GAAP)$172,351 $170,517 $166,452 $194,492 $170,973 $509,320 $496,285 
Efficiency Ratio (Non-GAAP)55.09 %53.99 %54.54 %48.48 %53.76 %54.54 %55.54 %
Adjusted Noninterest Expense (Non-GAAP)$94,941 $92,064 $90,776 $94,291 $91,915 $277,781 $275,628 
Less: Acquisition-related Expenses(276)— — — — (276)— 
Less: Non-core Expenses1,2,3
(633)— — (762)— (633)(3,481)
Adjusted Noninterest Expense Excluding Non-core Expenses (Non-GAAP)$94,032 $92,064 $90,776 $93,529 $91,915 $276,872 $272,147 
Adjusted Revenue (Non-GAAP)$172,351 $170,517 $166,452 $194,492 $170,973 $509,320 $496,285 
Less: Gain on Branch Sale— — — (19,983)— — — 
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)$172,351 $170,517 $166,452 $174,509 $170,973 $509,320 $496,285 
Adjusted Efficiency Ratio (Non-GAAP)54.56 %53.99 %54.54 %53.60 %53.76 %54.36 %54.84 %
1 - Non-core expenses in the Three and Nine Months Ended September 30, 2025 included $0.6 million of severance costs.
2 - Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.
3 - Non-core expenses in the Nine Months Ended September 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.